President John Mahama has dissolved the governing boards of nine State-Owned Enterprises (SOEs) with immediate effect, a government statement said.
The affected entities include; Prestea Sankofa Gold Limited, Bulk Oil Storage and Transportation Company Limited (BOST), Volta Aluminium Company Limited (VALCO), Consolidated Bank Ghana Limited (CBG), Ghana Post Company Limited, Road Maintenance Trust Fund, TDC Ghana Limited, Ghana National Petroleum Corporation (GNPC) and the National Sports Authority (NSA).
No reason was given for the decision, but the Presidency said the boards will be reconstituted in due course, paving the way for the appointment of new members to oversee the institutions.
“Relevant sector ministers have been directed to take all necessary steps in accordance with the applicable laws to give effect to the dissolution of these boards,” the statement added.
This development comes as the State Interest and Governance Authority (SIGA) released its Report this week, detailing the financial and operational performance of state-owned enterprises and other specified entities.
While the report showed that a majority of the SOEs returned to profitability with a combined GH¢19.8 billion net profit after tax, other state entities still recorded significant losses.
Five SOEs, namely ECG, Ghana Cylinder Manufacturing Company, Graphic Communications Group, Ghana Digital Centre and GNPA Ltd., recorded net losses every year from 2021 to 2025.
